THINGS YOU SHOULD KNOW ABOUT FACEBOOK LIBRA CRYPTOCURRENCY
If you like cryptocurrencies, it’s likely that your timeline and news feed have been inundated with news on the Libra of Facebook.
People on social media, podcasts and forums have spent the week and a half wrangling about the pros and cons of Libra. stimulate adoption.
So in this guide, we’re going to tell you everything you need to know about cryptocurrency while keeping a neutral position.
What is Facebook Libra?
According to the Libra’s official white paper, “Libra is a simple worldwide currency and a financial set-up that allows billions of people to send and receive money from all over the world at the cheapest rates”.
Facebook aims to have 100 members in its Balance Association before the launch, which in the first half of 2020. The final decision-powers will belong to the association, but Facebook will retain a leading role. However, the white paper indicates that ‘once the network is launched, all members of the Association will have the same commitments, privileges and financial obligations as any other founding member. All peers will have equal governance power. Facebook has also created a digital wallet which is called “Calibra” and it will be used to interact with Libra.
Users will be able to send Libra via their smartphone using Calibra. To send funds to your Calibra wallet, Facebook will allow you to choose from a list of partner payment providers, such as MasterCard, Visa, PayPal and Stripe. People will also be able to convert US dollars into Libra for their Calibra digital wallet, by going to local exchange offices or online.
The Libra Blockchain
If we look at the code, basically Libra blockchain is not actually a blockchain in the traditional sense. The Facebook team decided to code its channel from scratch so that it meets the following requirements:
- Must be able to scale to billions of accounts. This requires high transaction throughput, low latency, and an efficient, high-capacity storage system.
- Must be highly secure to guarantee the security of funds and financial data.
- Must be flexible in order to feed the governance of the Libra ecosystem.